UNFAIR VALUE

Having read free e-text of this book by Lawrence A. Cunningham, I nowfeel that the author did deserve the royalty for it and wouldrecommend that you buy a print. I did upload it to the files/bookssection and if you don't have any moralistic pretensions you can readit from there.

Coming back to the business(review!), I would say that the book iswell written. Lawrence A. Cunningham is known for his compilation ofBuffett's letters in form of the book "The Essays of Warren Buffett :Lessons for Corporate America"

He makes no bones about his expertise as an investment guru. He writes"I condense these ideas and insights in the spirit of a teacher andprofessor, not an investment adviser". However as you read the bookyou would notice that he himself has become a more trustworthy advisorthan most wall street high flyers. Knowledge is contagious!

To the person who has never read Graham and Buffett, the prospects ofhitting two birds with one arrow may seem exciting. This book, howeverdoes not contain much about the nuances of the investment philosophiesof these legendary investors. It does contain snippets and interstingexamples.

The value proposition of the book comes from very good exposition onthe efficient market theory. He debunks this theory, staple diet ofbusiness graduates, in a systematic manner. He raises validquestionmaks on other theories, like Capital Asset pricing model andMordern portfolio theories, which again make most of the texts of MBAcourses.

The other exciting parts are the chaptors on corporate governance. Thebook contains examples from real life describing the policies of goodcompanies and showing the loop holes exploited by the bad managers.

Overall the book is exciting, relevant to the present context and aneye opener in some chaptors.